Long-running enterprise competition praised by business
- kelseygarbutt
- 1 day ago
- 4 min read
Leading County Durham companies have praised a competition which has introduced around 2,400 young people to enterprise during the past 20 years.
Future Business Magnates (FBM) is the longest-running project of its kind in the UK. It is delivered by Durham County Council’s business support service, Business Durham, and over seven months sees teams of Year 8 students take part in a series of tasks to develop a business solution to a pressing challenge. This year they were asked to “Re-imagine the High Street.”
The teams were put to the test at FBM’s first Pitch Day at Beamish Museum where they were awarded points by mystery shoppers for the look of their stands, the quality and design of their product or service and the professionalism of their customer engagement. People visiting Beamish were also invited to see what the students have been up to and provided an opportunity for the teams to practise their sales pitch.
The students’ ideas included a café in Newton Aycliffe where each week there would be a different themed decade – from the clothes the staff wear to the puddings they serve – to attract various age groups; a robot which doubles up as a personal shopper and a security guard; a safety necklace to protect shoppers, and an indoor night food market for Consett called The Glowing Gecko.
Throughout the competition each team of eight is supported by a teacher and mentored by a local business.
Durham-based digital and IT business Waterstons has been involved with FBM for more than 12 years. “This is something very close to our hearts – what is better than supporting young people?”, said Executive Consultant Lesley Buckels. “I have loved every minute and seeing the students develop different skills is extremely rewarding and this is Waterstons’ chance to give something back.”
The Co-op has worked with FBM teams for more than a decade. Ian Hindle, the Distribution General Manager for its Birtley depot, said: “We have been privileged to support such a fantastic programme that enables students across the county to be involved in the competition driving innovation and engagement for all students and teachers involved.”
Over the years more than 2,400 Year 8 students from 40 secondary schools have been involved in the competition and another 10,000 Year 7 students have been introduced to enterprise through FBM Freshers, a short taster programme for Year 7 students. This year Business Durham have further extended enterprise opportunities to young people in County Durham with 250 primary school children taking part in a new project called FBM Market Makers and 200 Year 9 students engaging in a creative enterprise project.
Sarah Slaven, the Managing Director of Business Durham, said: “We know from our conversations with local businesses that one of their key challenges is whether they will be able to get the talent, the skilled people who are going to work in their business and run them in the future.
“That’s why the FBM competition is so important enabling young people in the county to acquire practical skills and knowledge which will help them through life, even if they never start a business.
“Year after year with FBM we see how creative, mature and enthusiastic the students are, and that gives you a real sense of hope for the future.”
Andrew Finley, the Head Teacher of Park View School in Chester-le-Street, said: “FBM symbolises everything that I would want in a competition to really develop students’ potential. It puts them in enterprising situations and helps build their entrepreneurial skills.
“Those skills - such as leadership, organisation, resilience, initiative and communication which are so valued by business.”
Fourteen years ago Park View won FBM. Ben Muxworthy was a member of the team and is now a Director of Timba Floors and Boards, a multi-million pound import and wholesale business based near Stanley. He believes learning about core business principles through the competition is invaluable for the students whatever career they choose.
For others, he said, FBM might just open a new door. “It’s a chance for them to actually understand business a bit more and see if it's a potential career path for them,” said Ben. “It’s a great competition. It’s not just the buying and selling and seeing how much money you can make, it’s about your understanding of marketing principles, task delegation and a little bit about finance as well.”
Nathan Hunt, HR Director at the Erwin Hymer Group at Consett, said: “FBM provides these young entrepreneurs with a much needed platform to express themselves in an environment that encourages innovative thought and builds a foundation for future business success.”
This year’s teams take part in their final task – a Dragons’ Den-style presentation in front of a panel of business experts – in June with the overall and category winners being announced later in the month at a special awards ceremony at Hardwick Hall.
